Cardano Smart Contracts See Significant Growth Amid Crypto Market Correction ๐
Cardanoโs Plutus V2 contracts have been on the rise this month, as the wider cryptocurrency market experienced a correction due to escalating tensions in the Middle East. The Cardano Blockchain Insights data reveals a surge in the number of Plutus smart contracts on the platform, with over 41,700 contracts added in the past month.
Rise in Plutus V2 Contracts ๐
- Plutus V1 scripts increased by 0.15% to 6,470.
- Plutus V2 platform saw a substantial uptick to 35,273 contracts.
- This marks a 3.52% increase from 34,072 contracts on April 1.
- 1,211 new Plutus V2 contracts were deployed in April alone.
Cardanoโs Smart Contract Milestones ๐
Cardano surpassed 1,000 smart contracts in January 2022 after the Alonzo hard fork introduced smart contracts to the network. Despite underperforming during the bear market, Cardano continues to compete with blockchain platforms like BNB Chain, Ethereum, and Solana.
Market Performance Comparison ๐
Cardano has seen minimal growth in the past year, with a 1.8% increase and a 62% drop over the last five years. In contrast, Bitcoin has surged over 100% in the past year and more than 1100% over the last five years, recently hitting a new all-time high before a slight correction.
Closing Thoughts on Cardanoโs Growth ๐
As Cardanoโs Plutus V2 contracts continue to expand, the platform is positioning itself as a strong contender in the competitive blockchain market. Despite market fluctuations, Cardano remains dedicated to innovation and fostering growth with its smart contract capabilities.
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